Where next for NS&I customers?

Photo by Damir Spanic on Unsplash

Savers have been tucking away billions of pounds with National Savings and Investments (NS&I) as it has been offering the best buy interest rates for a good couple of months now.

However, NS&I is now putting the brakes on, and from 24th November, is slashing rates as it is in danger of bringing in more cash than is permitted by the government.

You’ll see from the rate changes below that the cuts are severe with some account now paying just 0.01%

 

NS&I Direct Saver

Current Rate 1.00% gross/AER

New Rate from 24^th November 0.15% gross/AER

 

NS&I Investment Account

Current Rate 0.80% gross/AER

New Rate from 24th November 0.01% gross/AER

 

NS&I Income Bonds

Current Rate 1.15% gross/1.16% AER

New Rate from 24th November 0.01% gross/AER

 

NS&I Direct ISA

Current Rate 0.90% gross/AER

New Rate from 24th November 0.10% gross/AER

 

NS&I Junior ISA

Current Rate 3.25% gross/AER

New Rate from 24th November 1.50% gross/AER

 

So, if you’re an NS&I customer looking for a new home for your savings pot, here are some of the latest easy access savings account best buy deals:

 

Yorkshire Building Society – Six Access eSaver 0.80% (based on £10,000 balance)

Gatehouse Bank – Easy Access Account 0.75% unlimited withdrawals (min bal £1,000)

Kent Reliance – Easy Access Account Issue 40 0.70% (based on £1,000 balance)

Investec Bank – Online Flexi Saver  0.55% 0.55% unlimited withdrawals (min bal £5,000)

 

All the above providers are covered by the Financial Services Compensation Scheme

Interest rates from provider websites 23 October – 10.00am